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MEFD October 2019

Published Monday December 2nd, 2019

Indications are that, during the review period, the domestic economic activity remained mildly positive, following the passage of Hurricane Dorian. Specifically, tourism output was supported by gains in the New Providence market and the unaffected Family Islands. Further, foreign direct investment projects continued to provide stimulus to the construction sector, although post-Hurricane rebuilding is gaining some momentum. In prices developments, domestic inflation firmed during the twelve months to August, amid increases across most categories. Meanwhile, the fiscal deficit contracted during the first quarter of FY2019/2020, on account of revenue gains, which outpaced the rise in expenditure. On the monetary front, bank liquidity declined during October, as an expansion in domestic credit contrasted with a reduction in the deposit base; while the growth in external reserves slowed, reflective of the seasonal uptick in foreign currency demand.

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